Spain to Tax its Bitcoin Miners up to 47% of Profits
A recent notice from the official taxation authority in Spain sees bitcoin mining fall under the purview of an economic activity, opening cryptocurrency mining to taxation. Bitcoin and cryptocurrency miners in Spain will see taxation of their profits, a recent notice issued by the country’s National Directorate of Tax revealed. First reported Spanish industry publication CriptoNoticias, the new directive would require all cryptocurrency miners to register themselves with Spanish authorities before submitting taxes on mining-earned profits. Citing reasons for the new tax measures, the....
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The Spanish government plans to tax Bitcoin mining profits up to 47 percent, following official hints that mining will become a taxable activity. Spain 47% Mining Tax ‘Hard To Implement’. At the end of August, the Spanish Ministry of Finance and Public Administrations said Bitcoin trading and use as a payment method is segregated as tax-free activities.....
Maria Muñoz, a Spanish deputy from the country’s Congress, wants to position its country as a reliable alternative to miners that are facing a dire situation in Kazakhstan, after their internet service was suspended, affecting their operative capacity. Muñoz sent a letter to the congress, inquiring about the possible actions that Spain might take to attract fleeing miners, and about the impact this event has had on the Spanish mining sector.
Spanish Deputy Maria Muñoz Inquires About the Consequences of the Kazakhstan Situation
Maria Muñoz, a deputy of....
In just over a month’s time, The Merge is likely to be implemented on the Ethereum blockchain and the network’s proof-of-work (PoW) miners will be forced to mine another coin. So far, it seems ethereum miners are sticking with the PoW Ethereum chain until the very end as profits have increased. While Ethereum will change the consensus ruleset, a great number of crypto community members are attempting to guess where the hashrate will go after The Merge transition.
The Crypto Community Wants to Know Where Ethereum Miners Will Go After the Merge — There’s a....
Cryptocurrencies have jumped quite a bit in value over the course of the year and miners who verify transactions and earn digital assets have seen significant profits. While bitcoin miners have been seeing daily profits rise, a great number of other mineable digital currencies are pulling in much larger yields. Blake256R14 and Ethash Machines Pull Bigger Profits Than SHA256 Mining Devices The overall valuation of all cryptocurrencies in existence is around $1.5 trillion as digital asset values have risen considerably in 2021. While a great number of blockchains leverage consensus....
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per day in profits. SHA256 bitcoin miners that can process at speeds up to 110 terahash, can obtain $13.74 per day in bitcoin profits.
Crypto Miners Continue to Gather Profits, Top Ethereum Mining Rig Can Get an Estimated $51 per Day in Profit
The price of bitcoin (BTC) is still down roughly 40% since the crypto asset’s....